Cypher Group abandons F1 2011 application

The American-based Cypher Group have announced that they are to withdraw their application to the FIA to compete in the 2011 Formula 1 World Championship. They have claimed that, despite amassing much money through sponsorship, they still did not have the budget to compete fully.

Here is their full statement:

"We remain completely committed to developing a credible and
viable Formula One team and were able to raise a considerable
amount of sponsorship and interest in recent months. However
after much deliberation, we have decided that the budget we
have is not sufficient to allow us to pursue the project in a
manner befitting the series. It was not an easy decision, but
one made out of respect for the FIA Formula One World
Championship and our loyal supporters."

I’m disappointed to see another team drop out, but to be honest, they weren’t as viable as some of the other options. Having said that, it’s good to see them admit defeat when they realised it, unlike another certain American team.

I know I said I would have written an article on the 2011 applicants by now, but unfortunately I was delayed all last week, so it will be up after the Hungarian GP weekend.